Thomas Hoenig, president of the Kansas City Federal Reserve Bank,
has called for a modest increase in borrowing costs before, but
he went further on Thursday by before, but he went further on
Thursday by suggesting it should happen over the next several
months and by calling for an increase in borrowing costs to 3
percent in rapid order.

Is that going to happen? Heck no.

BUT it does show just how far he is out of the mainstream. And if
this is what it's going to take to kill the next bubble, the help
us all.